When Economists Want to Obtain a Measure of the Responsiveness

question 100

Multiple Choice

When economists want to obtain a measure of the responsiveness of quantity demanded to changes in price, they use

• A) the slope of the demand curve.
• B) the price elasticity of demand.
• C) the unit change in quantity demanded.
• D) the cross-price elasticity of demand.

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Definitions:

Eighteenth Century

A term referring to the period from 1701 through 1800 in the Gregorian calendar, marked by significant developments in various fields such as science, politics, and philosophy.

Emigration

The act of leaving one's country or region to settle in another.

Cash Crop

Agricultural crops grown primarily for sale to return a profit, such as cotton, tobacco, and sugar, rather than for personal use by the farmers.